Forum Replies Created
@TexasTea, Yes I am in Houston and worked through that office for a little over a year of this long adventure. jhatt is correct, everyone is different. Definitely have your information together before you go for your initial visit. God help you if you are self-employed. I can tell you for certain that many people who started well after we did have closed and moved into their new homes long ago. We were first submitted to underwriting in July of 2011, 8 months after our initial application and have been in and out of underwriting all of these months since. Our initial counselor in Houston told us that we would have to do all of the work on our file he needed us to do in order for him to be motivated to work our file. We did and he got us into and through Underwriting and we satisfied all of the underwriter’s criteria then did not hear from our Houston counselor for weeks. By then, the file had gone cold and we had to pick up and try to salvage the work he had done and move forward with another counselor. We sought relief from the constant stalling of our paperwork in this forum and managed to get some movement back and forth in underwriting and various counselors. I even went to the Home Save event in Houston at the beginning of this summer to get re-submitted to underwriting this last time. Again, we went through everything needed by underwriting. The counselor got busy with the flood of applicants for the summer buying season and passed us off to one of her counselor associates who held our file for a month and said he didn’t understand what the underwritiers were asking for and was not going to work it any more. If we are not qualified to be in this program, why are we being led to believe that we can get approval for a mortgage? We are constantly reminded that everyone is overworked and we must be content to be ignored and continually passed over for a home buying opportunity because we are self-employed and our file is labor- intensive. The counselors work the applications that can be easily approved and closed. We do not fall in that category. Has anyone else who is self employed been able to get a NACA mortgage? If so, please help me understand what more we must do or how long we must wait for our turn to sucessfully navigate the application process. We have complied with every request within 24 hours of getting that request. We are mature adults and have purchased many homes over the years.We are not first time buyers who do not know or understand the home buying and ownership process. NACA customer service won’t return our call and we no longer even have a mortgage counselor with which to attempt to communicate.
We deserve better.
Wow, readyToday, your file is yet another dusty antique sitting on the NACA shelf. Our NACA workshop was in June of 2009 but we did not apply until November of 2010. I think it would be much easier on all of us if we were told the truth about the length and intensity of the process right from the beginning. At least that way our friends and family would not think we are totally crackers for sticking with it this long. Hope you can get things going on your paperwork soon.
Way to go Gimme!! Hope the remainder of your process is as smooth as silk. Looks like the real key to a successfull process is a counselor who remains employed with NACA and won’t give up until you are approved. Just think, you will have a new home for the Holidays!! Keep us updated on your progress.
@crazyjoe92 Regarding verification of automatically deducted rent: Same situation here, we pay online every month. What is working for us is to send a seperate copy of the bank statement with your rental deduction clearly marked as “Rent” on that statement each month. At the top of that statement that we use to verify the rental we write “Rental Verification”. Do not put any other markings on this rental verification bank statement because it only serves one purpose – to show the underwriters clearly that you are paying on time each and every month. Send your statements and other paperwork as normal but remember to add this additional bank statement each month so the underwriters can get a quick handle on what your rental status is. You may want to go back 12 months and fax those bank statements marked as “Rental Verification” into your file so that they will be there when needed.
Congratulations, lrmatthews18!! Enjoy your new home and share any tips you can with us. You and your family will get to enjoy the Holiday season in your new home. So happy for you!
No word on the application… still on the NACA underwriting hamster wheel for almost 4 months now. Apparently, the app has to cross the desks of several people before we can be considered capable of handling a mortgage. Our self-employed status makes us square pegs trying to fit into round holes. Believe me, if and when we ever get the “go ahead” the entire known world will hear me shout.
Another week has passed and our application languishes on the desk of the NACA coordinator for the self -employed. Promised an answer that never comes. We are officially at 3 months in the NACA underwriting process as of tomorrow. I see many Forum participants who are struggling through to the closing process and wonder if we will ever even get the opportunity to be at that point. That is a struggle for which we have long waited, and strangely enough, would welcome. Twenty one months in the NACA application process and we, like many others, are lost among the avalanche of applicants who all began with the same dream.
Just this afternoon we received an email response from a self-empoyment coordinator who will be checking with underwriting to see what the holdup on our application process has been. He stated that he will try to get an answer back to us sometime this week. Hopefully we will be coming “un-stuck” in our mortgage process and moving forward once again.
@TTrumble. The info that I quoted above was taken directly from an email sent by my MC last Friday. Please update me if that information is not accurate.
We have now been passed to the Director for the Self-Employed in our NACA underwriting process. There is little written about this part of the process on the web site. If anyone has knowledge of what happens at this point, please share. These questions remain:
1. Will we now have yet another mortgage counselor?
2. Is this a normal part of the process for the self-employed?
3. Will there be additional items required from us in order to be NACA qualified?
4. How long does the process take once it gets to the Director’s desk?
@ TTrumble…. Thanks, Tim. This has been quite the struggle thus far. We will soldier on and trust that our story will soon have a happy ending.
Congratulations channon1208 and all the best in your new home!!!! We look forward to hearing from you about how wonderful your home ownership experience is.
@channon1208 – We need to hold a Forum celebration when you complete your NACA process. I can hardly wait to hear you say those 3 little words… “I CLOSED TODAY!”.
Thank you, channon1208, for sharing your valuable experiences with all of us. We hear through your writing the agony an unpredictable process can cause. Being homeless is very scary to me and, as a result of channon’s journey, my spouse and I have decided that we will not turn in a move out notice on our current rental until we actually close and fund with NACA. There are so many variables in play here that at any moment a ball can be dropped by either the bank or NACA and the process comes to a quick standstill. Sometimes, peace of mind is worth more than money.
Hang tough, channon. We are rooting for you! Be thankful that you were able to get approved and go forward with your purchase. I’m still waiting to hear back from NACA underwriting. MC says that NACA “is waiting on some words from the bank” before they give an answer because of our status as self-employed. I’m thinking we could use a miracle about now.